Ninety-five Percent Capital Costs Test. The Company will spend not less than 95% of the net proceeds of the Bonds for capital costs of land or property of a character subject to allowance for depreciation under Section 167 of the Code and constituting “solid waste disposal facilities” for purposes of Section 142(a)(6) of the Code.
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Samples: Exempt Facilities Loan Agreement (Allegheny Energy, Inc), Exempt Facilities Loan Agreement (PPL Energy Supply LLC), Exempt Facilities Loan Agreement (PPL Electric Utilities Corp)
Ninety-five Percent Capital Costs Test. The Company will spend spent not less than 95% of the net proceeds of the Prior Bonds (taking into account for this purpose the expenditure of proceeds of the Prior Bonds) for capital costs of land or property of a character subject to allowance for depreciation under Section 167 of the Code and constituting “solid waste disposal facilities” for purposes of Section 142(a)(6) of the Code.
Appears in 2 contracts
Samples: Pollution Control Facilities Loan Agreement (Atlantic City Electric Co), Exempt Facilities Loan Agreement (Potomac Electric Power Co)
Ninety-five Percent Capital Costs Test. The Company will spend not less than 95% of the net proceeds of the Bonds (taking into account for this purpose the expenditure of proceeds of the Prior Bonds) for capital costs of land or property of a character subject to allowance for depreciation under Section 167 of the Code and constituting “solid waste disposal facilitiesfacilities for the local furnishing of gas” for purposes of Section 142(a)(6142(a)(8) of the Code.
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